Machine learning is a branch of artificial intelligence. It enhances a system in a way it that it learns from current and past experiences. It involves the invention and development of computer programs that can read data and use it to influence performance. This, of course, happens without human intervention as the whole process is automated. Exploring technology for gains in business is a practice that has taken ground.
Artificial Intelligence and Machine Learning are often used interchangeably, they are not the same. More and more companies are employing artificial intelligence in their daily operations, in a bid to perfect customer experience and boost returns. Thanks to the rapid growth in technology, marketing has seen different improvements.
So, how can machine learning improve your business and affect the flow of clients?
This is an argument that has elicited mixed reactions from pundits in the industry. Some argue that this is the way to go for the future, while others are a bit skeptical and reserved. While conventional means of advertising worked efficiently, this may not be the trend throughout.
Change is inevitable, and so, you need to shape yourself ready for it, if you’re a participant in this niche. Besides, with the growing number of businesses, you need to make sure that you’re above the competition.
Here are 14 ways machine learning can bail you out of your marketing misery:
1. It has made real-time marketing a reality
Today, adverts are custom made for different interest groups. For instance, when a prospect visits a website, an ad that relates to his or her search surfaces on other pages they visit. Unlike in the past, where ads were generic for a colossal mass, they can now be centered on specific people thanks to this cutting-edge technology.
2. Boosts customer experience
This has to be the most vital area that machine learning plays a role. Especially for online shopping, it can boost customer experience and make everything convenient and straightforward. The following are some of the ways:
- 24-hour customer service support through intelligent replies and chats.
- Personalized product recommendations for clients.
- Provides alternatives that may suit the client.
- In the dropshipping sector.
3. Increases the products and services under your business
Due to the high rate of competition, customer expectations have gone up over the past few years. Thanks to machine learning, business owners discover the products and services that interest their clients. This gives an insight into the new products or services that need to be introduced if lacking in the business.
4. Optimization of content for marketing
Unlike artificial intelligence, which tries to outsmart humans, machine learning attempts to understand. In this course, it analyzes any problems or concerns from an individual perspective to come up with a solution through optimization. One way this is done is through the A/B testing by marketers. Here, the marketers can land on the best option that connects with the clientele base. After that, companies will be equipped with sufficient knowledge to provide content that is more targeted to the prospects.
5. Creating personalization
Every customer is an integral part of a business. Therefore, they all need to be targeted equally. Machine learning helps to personalize responses and user-experiences on a website. 52% of customers are poised to switch to another company if they feel that the current company isn’t reaching out to them according to their specific needs.
6. Engaging clients
A prospect engaged on a site is more likely to become a customer. Failure to closely monitor and engage a visiting client may result in your company losing them. One way that machine learning helps to engage clients is through the use of chatbots. Most of them are a common occurrence on websites and pop up to offer client advice or technical assistance. They have automated replies and tailors them based on their personal experience with a client. Over time, chatbots become more accurate in the answers they give to each customer.
7. Lowers costs
Today, the best thing you can do is to save on any extra coin. Marketing is quite costly, as it is a gradual process. However, this doesn’t mean that you have to break the bank to succeed. Since it cuts down on the people involved in marketing, machine learning reduces the costs spent in total. Also, it reduces communication costs as clients get engaged through automated emails and social media posts.
8. Helps in creating the right pricing
Based on the pre-existing features, marketers can determine numerical values through prediction. Sales forecasting is also a ramification of machine learning and helps to determine the correct prices of goods and services.
9. Essential for text classification
Through natural language processing, machine language helps to check the tone from every user. This helps to classify text that matches them perfectly.
10. For text extraction
This helps in the extraction of relevant information from appropriate data sources online to evaluate the reaction of different individuals to particular brands or services.
11. For translation purposes
The aftermath of technology is that the world is now a global village. Consequently, customers come from different countries around the globe. Since some may not understand a specific language, translation is mandatory. Machine learning helps to improve translation through deep learning.
12. Aids in text generation
A lot of plausible product names today come from the generative models used in machine learning. This helps to come up with names that meet the interests of clients.
13. For voice-based search
Although this is still in its trial stages, it brings in a new paradigm and view in the search engine sector. This will help prospects in the near future to shop without a touch, but only by voice.
14. Automation of data visualization
This helps to create useful images to provide insights for your marketing department. They will use the data achieved to make more informed decisions.
Conclusion
Wrapping up, it is clear that artificial intelligence and machine learning is the way to go for business marketing. It is a trend that has sparked criticism, both positively and negatively, and is still growing through various technological advancements. However, the sky may not even be the limit for this technology.
When you’re ready to move forward with this technology, refer to this list to help you determine the best ways to improve your marketing strategy. If you are still confused, reach out to our Machine Learning experts.
References : https://www.forbes.com/sites/mariyayao/2018/04/10/14-ways-machine-learning-can-boost-your-marketing/#31fadfb411b6
By: Katie Johns